Israel's Tech Company Coralogix to Invest over $30 Mn in India in 5 Years
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Israel based Coralogix, machine learning-powered log analytics and monitoring solutions provider, on Thursday announced a strategic expansion into India with a commitment to invest over USD 30 million (about INR 224 crore) over the next five years.
The tech company’s expansion plans in the country are mainly driven by the data localisation compliance requirements for its customers.
Coralogix said that it will provide its customers with its first local Amazon Web Services (AWS) regional server support and data storage capabilities to help companies comply with the upcoming security law in 2021. Partner companies will be able to meet compliance requirements for India’s new data privacy laws and improve their service performance, the company said in a statement.
“With today’s strategic move, we are proactively addressing new Indian data privacy laws scheduled to take effect in 2021 by providing Coralogix customers with a solution well ahead of most of our competitors,” said Ariel Assaraf, CEO and co-Founder, Coralogix.
Coralogix said it is also rolling out an onsite team to provide comprehensive sales and customer success support to India-based companies.
Its customers in India include unicorn software-as-a-service (Saas) startup Postman, digital banking startup Jupiter Money and Bookmyshow.
“Coralogix gives us a highly customizable SIEM (Security Management and Event Management) solution that addresses the very specific needs of our FinTech environment,” said Jayesh Sidhwani, Vice President-Engineering, Jupiter Money.
Pranav Kapoor, DevOps Lead, BookMyShow said that his and team’s lives got easier within minutes as they started seeing results on the dashboard. “We’ve integrated the Coralogix webhooks with our Kubernetes deployments to automatically tag new versions as they’re deployed. I love that I can archive logs to an S3 bucket for later retrieval.”
Globally, over 1000 companies, including New York-headquartered financial services company Payoneer, Fiverr, an online marketplace for freelance services and fintech company PayU use Coralogix to power their businesses.
“When the new laws (in India) are enacted, we anticipate a profound sense of urgency for companies who fall under domestic compliance rules to store their data locally and avoid being penalized for non-compliance,” said Assaraf.
Cloud and SaaS technology companies that collect user data will be most notably affected by these new laws and stand to benefit from Coralogix’s expansion announcement, the company said.
The Israel-based company empowers DevOps teams to autonomously manage and analyze log data in cloud applications. The platform's machine learning engine enables users to reach faster time to market, avoid customer attrition and accelerate their version delivery without compromising quality or stability.